Why boosting your contingent workforce can build resilience in a challenging labor market
As the US government tries to bring down inflation to improve the economy, we are starting to see changes in the labor market. The bad news? Job openings are trending slowly downwards. The good news? Oil and Gas, EV Battery Manufacturing, Mining, and Renewable Energy (including offshore wind) remain buoyant. These sectors are seeing a groundswell of new infrastructure projects coming on-stream, along with a steady flow of job openings. The problem: finding people to fill permanent vacancies. Is diminished confidence in the employment market to blame?
Contingent resource could be your solution. When considering the benefits, it is important to understand the US Inflation Reduction Act 2022 and the potential softening of labor market conditions. As the act aims to cool the economy down to 2%, it also cools people's confidence in employment, so fewer people are moving jobs. At the same time, the act has spurred on infrastructure projects across the EV Battery Manufacturing and Renewable Energy sectors. People are moving on from Oil and Gas and Mining for newer and greener opportunities, leaving a talent gap in their wake. However, even in Renewables and EV, there are still more 'empty chairs' than people sitting in them. Why?
Take a chance? No chance.
According to Yoh's worker confidence index, worker confidence edged downward for the second consecutive quarter this year. US workers are cautious about their employment prospects. They know the economy is unstable. It makes them less likely to take any risks - like moving jobs.
Too comfortable to move
Hybrid working. Flexible working. Four-day-weeks. Since COVID-19 changed people's working habits, they're asking more of their employers. Benefits and job security rank highly, and if the perks of their current roles are already good, it's hard to convince candidates to move to pastures new.
Young people demand more
Attracting talent to sectors such as Oil & Gas and Mining can be difficult. Younger people in the jobs market are focused on employers' Environmental Social and Governance (ESG) policies - particularly the environmental and social aspects. So, organizations are having to rethink their approach to attracting and retaining employees, to maintain a steady flow of talent for now and the future.
Make contingent labor a permanent solution - with a Managed Services Provider (MSP)
As direct hires become more challenging, organisations are changing the way they address critical talent needs. The first step? Build up your contingent labor resource.
According to the U.S. Government Accountability Office, over 40% of the US workforce is now made up of contingent workers - many of them are project based. A non-employed workforce is more than just a quick-to-deploy solution to meet project deadlines. It gives you a strong economic advantage. By choosing a MSP to run your contingent labor, you can deliver large-scale projects on time and on budget, while maintaining a steady flow of talent to feed your future workforce.
TRS Staffing Solutions' ONEMSP aligns your talent strategy to your project milestones, so you know you have the right people in place to meet every deliverable. Here's how ONEMSP can help your organization now and in the future:
Find the right talent without searching yourself:
ONEMSP takes primary responsibility for designing, building, and managing your talent acquisition strategy - including aligning ESG messaging - to attract the best new talent.
'Try before you buy'
Get to know new talent by contracting them to work for you temporarily before offering them a job. Not only do you save money, you get to know who's the best technical fit.
Know you can meet every project milestone
ONEMSP offers the flexibility to meet project peaks and milestones with the correct workforce numbers every time including across joint ventures.
Attract and retain the right candidates
ONEMSP is developed to help you deliver complex engineering projects and manage staffing levels through to project completion. With 40+ years of experience, we know what it takes to keep workers engaged from project start to finish.
Complete control over costs and compliance
ONEMSP uses VMS technology for total visibility of spend and to manage compliance. We take on the responsibility of your contingent workforce, including payroll and supporting vendor management.
Talk to us about boosting your contingent resourcing and building your business's resilience in the labor market with ONEMSP.